Daily Archives: June 18, 2016

Key Take aways from Rajswa Gyansangam Conference of CBEC and CBDT

“Rajswa Gyansangam- Annual Conference of Tax Administrators-2016”concludes; Major Take Aways from two day “Annual Conference of Tax Administrators-2016” include further improvement in Tax Payers Services by use of technology and increased human touch; widening of tax base and faster dispute resolution among others The two day “Rajswa Gyansangam- Annual Conference of Tax Administrators-2016” concluded here… Read More »

Notwithstanding Meaning

Notwithstanding The expression “notwithstanding” is potent and it could mean only “despite”, “in spite of” and “nevertheless” (see Khaizar Basha v. Indian Airlines Corpn. AIR 1984 Mad. 379). A clause beginning with the expression “notwithstanding anything contained in the Act and in some particular provision in the Act or in some particular Act or in… Read More »

Transfer of certain pending proceedings to NCLT

Section – 434 of Companies Act, 2013 Sub-sections (1)(a) and (b) of section 434 enforced w.e.f 1-6-2016 vide NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV], DATED 1-6-2016. Transfer of certain pending proceedings. 434. (1) On such date as may be notified by the Central Government in this behalf,— (a) all matters, proceedings or cases pending before the Board… Read More »

Limitation Act applies to appeals before NCLT and NCLAT

Section – 433 of Companies Act, 2013 Enforced w.e.f 1-6-2016  NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV], Limitation. 433. The provisions of the Limitation Act, 1963 (36 of 1963) shall, as far as may be, apply to proceedings or appeals before the Tribunal or the Appellate Tribunal, as the case may be.

Section 431of Companies Act 2013 :Vacancy in Tribunal or Appellate Tribunal not to invalidate acts or proceedings

Section – 431, Companies Act, 2013 Enforced with effect from 1-6-2016 ,NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV] Vacancy in Tribunal or Appellate Tribunal not to invalidate acts or proceedings. 431. No act or proceeding of the Tribunal or the Appellate Tribunal shall be questioned or shall be invalid merely on the ground of the existence of… Read More »

Civil Court has no jurisdiction in the matter of NCLT and NCLAT

Section – 430 of Companies Act, 2013 Enforced w.e.f 1-6-2016  ,NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV], Civil court not to have jurisdiction. 430. No civil court shall have jurisdiction to entertain any suit or proceeding in respect of any matter which the Tribunal or the Appellate Tribunal is empowered to determine by or under this Act or… Read More »

Power of NCLT to take control property / books of sick company or winding up Company

Section – 429 of Companies Act, 2013 Enforced w.e.f 1-6-2016 NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV], DATED 1-6-2016. Power to seek assistance of Chief Metropolitan Magistrate, etc. 429. (1) The Tribunal may, in any proceeding relating to a sick company or winding up of any other company, in order to take into custody or under its control… Read More »

Protection of action taken in good faith by NCLT members

Section – 428 of  Companies Act, 2013 Protection of action taken in good faith. 428. No suit, prosecution or other legal proceeding shall lie against the Tribunal, the President, Member, officer or other employee, or against the Appellate Tribunal, the Chairperson, Member, officer or other employees thereof or liquidator or any other person authorised by… Read More »

NCLT members are public servants

Section – 427, Companies Act, 2013 Enforced with effect from 1-6-2016 vide NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV], President, Members, officers, etc., to be public servants. 427. The President, Members, officers and other employees of the Tribunal and the Chairperson, Members, officers and other employees of the Appellate Tribunal shall be deemed to be public servants within… Read More »

NCLT Power to Delegate

Section – 426 of Companies Act, 2013 Enforced with Effect from 1-6-2016 ,NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV], Delegation of powers. 426. The Tribunal or the Appellate Tribunal may, by general or special order, direct, subject to such conditions, if any, as may be specified in the order, any of its officers or employees or any… Read More »

NCLT power to punish for contempt.

Section – 425 of Companies Act, 2013 w.e.f 1-6-2016 ,NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV], Power to punish for contempt. 425. The Tribunal and the Appellate Tribunal shall have the same jurisdiction, powers and authority in respect of contempt of themselves as the High Court has and may exercise, for this purpose, the powers under the provisions… Read More »

Section 228 of IPC -Intentional insult or interruption to public servant sitting in judicial proceeding

SECTION 228 OF INDIAN PENAL CODE Intentional insult or interruption to public servant sitting in judicial proceeding 228. Whoever intentionally offers any insult, or causes any interruption to any public servant, while such public servant is sitting in any stage of a judicial proceeding, shall be punished with simple imprisonment for a term which may… Read More »

Procedure before NCL Tribunal and Appellate Tribunal

Section  424 of Companies Act, 2013 Enforced w.e.f 1-6-2016 ,NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV] Procedure before Tribunal and Appellate Tribunal. 424. (1) The Tribunal and the Appellate Tribunal shall not, while disposing of any proceeding before it or, as the case may be, an appeal before it, be bound by the procedure laid down in… Read More »

NCLT and NCLAT to dispose of Appeal within 3 months !

Section  422 of Companies Act, 2013 Expeditious disposal by Tribunal and Appellate Tribunal. Enforced w.e.f 1-6-2016 NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV], 422. (1) Every application or petition presented before the Tribunal and every appeal filed before the Appellate Tribunal shall be dealt with and disposed of by it as expeditiously as possible and every endeavour shall… Read More »

Appeal against Orders of NCLT -National Company Law Tribunal

Section 421 of Companies Act, 2013 w.e.f 1-6-2016 NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV] 421. (1) Any person aggrieved by an order of the Tribunal may prefer an appeal to the Appellate Tribunal. (2) No appeal shall lie to the Appellate Tribunal from an order made by the Tribunal with the consent of parties. (3) Every appeal… Read More »

Power of NCLT regarding Orders u/s 420 of CA Act 2013

Section – 420 of Companies Act 2013 Enforced w.e.f 1-6-2016. NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV],  Orders of Tribunal. 420. (1) The Tribunal may, after giving the parties to any proceeding before it, a reasonable opportunity of being heard, pass such orders thereon as it thinks fit. (2) The Tribunal may, at any time within two years… Read More »

Benches of Tribunal -National Company Law Tribunal

Section – 419 of Companies Act, 2013 NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV], DATED 1-6-2016. Benches of Tribunal. 419. (1) There shall be constituted such number of Benches of the Tribunal, as may, by notification, be specified by the Central Government. (2) The Principal Bench of the Tribunal shall be at New Delhi which shall be… Read More »

Staff of Tribunal and Appellate Tribunal

Section  418 of Companies Act, 2013 NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV], DATED 1-6-2016. Staff of Tribunal and Appellate Tribunal. 418. (1) The Central Government shall, in consultation with the Tribunal and the Appellate Tribunal, provide the Tribunal and the Appellate Tribunal, as the case may be, with such officers and other employees as may be… Read More »

ICAI FAQ on Responding to Tenders by CA in Practice

Institute of Chartered Accountants of India Frequently Asked Questions (FAQs) on Responding to Tenders A notification published in Part III Section 4 of the Gazette of India: Extraordinary dated 7th April, 2016 has been issued by the Institute containing the guidelines on responding to tenders which can be viewed at http://www.icai.org/new_post.html?post_id=12547&c_id=219 . Placed below are… Read More »

Procedure of Resignation of Members of NCLT

Section – 416 of Companies Act, 2013 Enforced w.e.f DATED 1-6-2016 vide NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV] Resignation of Members. 416. The President, the Chairperson or any Member may, by notice in writing under his hand addressed to the Central Government, resign from his office: Provided that the President, the Chairperson, or the Member shall… Read More »

Rajarambapu Sahakari Bank Ltd., Peth, Sangli included in 2nd schedule of RBI

RBI/2015-16/426 DCBR.CO.BPD.BC.No.18/16.05.000/2015-16 Jyeshtha 26, 1938 June 16, 2016 All Banks Dear Sir/Madam Inclusion in the Second Schedule to the Reserve Bank of India Act, 1934 – ‘Rajarambapu Sahakari Bank Ltd., Peth, Sangli’ We advise that the name of ‘Rajarambapu Sahakari Bank Ltd., Peth, Sangli’ has been included in the Second Schedule to the Reserve Bank… Read More »

Category: RBI

Section 413 of Companies Act 2013-Terms of office of President ,chairperson and other Members

Section  413 of Companies Act 2013 Term of office of President, chairperson and other Members. 413. (1) The President and every other Member of the Tribunal shall hold office as such for a term of five years from the date on which he enters upon his office, but shall be eligible for re-appointment for another… Read More »

Credit Information Reporting in respect of Self Help Group (SHG) members

Credit Information Reporting in respect of Self Help Group (SHG) members RBI/2015-16/424 DBR.CID.BC.No.104/20.16.56/2015-16 June 16, 2016 All Scheduled Commercial banks (including RRBs) All Non-Banking Financial Companies (NBFCs) All Primary (Urban) Co-operative Banks, State / Central Co-operative Banks All Credit Information Companies Dear Sir/Madam Credit Information Reporting in respect of Self Help Group (SHG) members Please… Read More »

Category: RBI

Section 410 of Companies Act, 2013 NCLAT

Section – 410 of Companies Act, 2013 . Enforced with effect from 12-9-2013. Constitution of Appellate Tribunal. 410. The Central Government shall, by notification, constitute, with effect from such date as may be specified therein, an Appellate Tribunal to be known as the National Company Law Appellate Tribunal consisting of a chairperson and such number… Read More »

Who can appear in NCLT -National Company Law Tribunal ?

Section – 432 of Companies Act, 2013 Notified w.e.f 01.6.2016 as per NOTIFICATION NO. SO 1934(E) [F.NO.A-45011/14/2016-AD.IV],  Right to legal representation 432. A party to any proceeding or appeal before the Tribunal or the Appellate Tribunal, as the case may be, may either appear in person or authorise one or more chartered accountants or company… Read More »

Publication of photographs of President, PM ,CM, Governors ,Minister

F. No. I-34011/1/2016-Coord/(pt. 2) Government of India Ministry of Corporate Affairs 5th Floor, ‘A’ Wing, Shastri Bhawan Dr. Rajendra Prasad Road New Delhi-110 001 Dated: 16.06.2016 To 1. Director General, Indian Institute of Corporate Affairs, New Delhi 2. Secretary, National Company Law Tribunal (erstwhile CLB), New Delhi 3. Registrar, Competition Appellate Tribunal, New Delhi 4.… Read More »

NRIs can now subscribe to NPS online through eNPS

Non Resident Indians (NRIs) can now join and subscribe to NPS online through eNPS NRIs have a pivotal role to play in the Indian economy. India has the second-largest Diaspora in the world, with around 29 million people living in over 200 countries and out of these 25% live in the Gulf countries. Most of… Read More »

RBI to simplify registration of new NBFCs

17.06.2016 In order to make the process of registration of new NBFCs smoother and hassle free, the application form for registration of new NBFCs and the checklist of documents to be submitted have been revised. The number of documents to be submitted by the NBFC applicants has been reduced from existing set of 45 documents… Read More »

Canara Bank Empanelment of Concurrent Auditors

Canara Bank invites applications from the eligible/interested Proprietary Concerns / Firms / Companies for empanelment as Concurrent Auditors for conducting Continuous/Concurrent Audit in the identified 40 Specialized branches/Units and another 698 other branches / units for the period from 01.07.2016 to 30.06.2017. Terms and conditions for Appointment, Fee structure, Methodology for application/ selection, conducting audit/reporting… Read More »